DBRS Assigns Rating to FCT Notes of Cars Alliance DFP France

DBRS, Inc. (DBRS) assigned the following rating to the Series 2018-1 FCT Notes issued by Cars Alliance DFP France:

-- Class A Notes at AA (sf)

The rating is based on a review by DBRS of the following analytical considerations:

-- Transaction capital structure, proposed rating and form and sufficiency of available credit enhancement.
-- The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the rating addresses the payment of timely interest on a monthly basis and principal by the legal final maturity date.
-- The transaction parties’ capabilities to effectively manage and service the receivables.
-- Collateral credit quality.
-- The legal structure and its consistency with DBRS’s “Legal Criteria for European Structured Finance Transactions” methodology.

Notes:
All figures are in euros unless otherwise noted.

The principal methodology is Rating U.S. Wholesale Securitizations, which can be found on dbrs.com under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrs.com.